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Dynamic Strategy Processes for Innovation. Ed Hess Professor and Batten Executive-in-Residence Michael Lenox Professor and Executive Director, Batten Institute. The Research Hourglass. What drives innovation and growth?. How does one create and manage a growth strategy?.

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dynamic strategy processes for innovation

Dynamic Strategy Processesfor Innovation

Ed Hess

Professor and Batten Executive-in-Residence

Michael Lenox

Professor and Executive Director, Batten Institute

the research hourglass
The Research Hourglass

What drives innovation and growth?

How does one create and manage a growth strategy?

change is the new constant
Change is the new constant…

Globalization

Technology

Hypercompetition

Demise of Sustainable Competitive Advantage

Shorter Product Lifecycles

Secrecy and Surprise is Difficult

First Mover Advantage Temporary

Velocity of Change Is Increasing

yet the current approach to strategy making is static
Yet, the current approach to Strategy Making is static
  • Historically, strategic analysis has been static:
    • Driven by 5 Forces, Competencies, BCG 2 X 2
    • Driven by Porter’s 2 Basic Business Models
    • Historically, a Top-Down Process
  • Traditional strategy tools were created in a less dynamic business environment
new knowledge has emerged about growth innovation
New knowledge has emerged about growth & innovation
  • In last 10 years, research has highlighted that growth and innovation are dynamic processes:
    • Growth results from experimental learning and requires the right kind of internal environment and processes
    • Growth is an iterative process that requires adaptation, constant evaluation of new inputs and learning with frequent review of resource allocations
  • Classical economic models do not adequately model growth:
    • Biology & complexity theory better model growth & innovation
    • Schumpeter and behavioral revolution in economics
growth demands a new approach to strategy making

Growth demands a new approach to Strategy Making!

Modernized for this high velocity hypercompetitive global business environment

Recognizing the dynamic, learning process that underlies growth and innovation

the emerging darden school of thought
The Emerging Darden School of Thought

Venkat’s work on entrepreneurial ecosystems

Saras Sarasvathy’s work on effectuation

Jeanne Liedtka’s work on growth leaders

Michael Lenox’s work on open innovation and dynamic competitive models

Raul Chao’s work on innovation portfolios

Ed Hess’ work on growth systems and processes

the competitive lifecycle
The Competitive Lifecycle

DISRUPTION

MATURE

EMERGENT

ANNEALING

GROWTH

SHAKEOUT